Marketing of Financial Services: A Case Study on IFIC Bank PLC

Abstract

IFIC Bank PLC is one of the first generation commercial banks of the country. It was founded as a financial institution and joint venture company in cooperation with the Bangladesh Bank. IFIC Bank achieved the prestigious honor of being the largest bank in Bangladesh with 1300+ branches and sub-branches across the country. Its key strengths include the long-term reputation and credibility earned in banking industry, the largest banking network with 1300+ branches & sub-branches, innovative unique products like Aamar account that provides both saving & loan facility in one account, and the huge number of poor working people under Shohoj account who has 99% loan returning record. The main objective of this study was to evaluate various aspects of services marketing as they are practiced by IFIC Bank PLC. The bank is found to follow a full market coverage strategy in terms of various units of geographical location: urban, suburban, and rural areas. Such targeting strategy is supported by extensive network of 1300+ branches and sub-branches across the country. The bank likes to position itself as a quality financial service provider to the stakeholders through integrity, fairness, innovation and commitment. IFIC Bank follows an intensive distribution strategy in making their banking services available to their target markets. The bank is found to be using value-based pricing as a guiding principal in managing prices of the various financial services provided. Promotional mix of the bank is well integrated and primarily consists of mass media advertising, door-to-door marketing, leaflets, social media marketing (facebook, linkedIn, Instagram), and sponsorships of the relevant events. As a marketer of services, the bank recognizes the need to integrate people, process, and physical evidence to the elements of traditional marketing mix (product, price, place, and promotion) and the bank is also continuously engaged in process development and medication, training and development of the correct mix of people to provide the needed services, and managing physical facilities and support items to ensure continuous customer engagement and satisfaction.